Tencent Music Entertainment Group Stock Price, News & Analysis

Tencent Music Entertainment Group (TME) announced the integration of its TME UNI Chart on Billboard's official website, aimed at showcasing popular Chinese music globally. This partnership enhances international opportunities for Chinese artists and expands TME UNI Chart's data, now including insights from platforms like JOOX and Weixin Video Accounts. Since its launch in 2018, TME UNI Chart has become a reliable indicator of new music popularity in China. The collaboration with Billboard, which began with the 'Chinese Music Gravity Project' in 2022, continues to promote high-quality Chinese music worldwide.

Tencent Music Entertainment Group (TME) held its annual general meeting in Hong Kong on December 30, 2022. All proposed resolutions from the AGM, Class A, and Class B meetings were duly passed. TME remains the leading online music and audio platform in China, operating popular music apps such as QQ Music and Kugou Music. The company aims to innovate at the intersection of music and technology, providing services ranging from online music to live streaming and social features.

Tencent Music Entertainment Group (TME) has reported significant growth in its overseas promotion and distribution services through the Tencent Musician Platform. As of October 2022, nearly 40% of new releases were distributed globally, totaling around 185,000 works. Notably, a single song's streaming increased by 4,800%, and TME musicians experienced income growth as high as 835%. TME's 'One-Click For All' service facilitates distribution across over 150 platforms worldwide, enhancing exposure for Chinese musicians and accumulating over 500 million streams on YouTube.

Tencent Music Entertainment Group (TME) will hold its annual general meeting of shareholders on December 30, 2022, in Hong Kong. The AGM aims to consider and vote on the proposed resolutions detailed in the AGM Notice. Prior to the AGM, class meetings for holders of Class A and Class B ordinary shares will occur at specified times on the same date. Shareholders on record as of November 23, 2022, are eligible to attend and vote. The company has also filed its annual report for the fiscal year ending December 31, 2021, with the SEC, including audited financial statements.

Tencent Music Entertainment Group (TME) released a Golden Melodies Research Report on Nov. 15, 2022, marking a significant analysis in the music industry. The report explores the criteria for golden melodies, revealing a playlist of 118 songs based on quality and popularity. It highlights the changing sources of these melodies, now including indie and IP music, and emphasizes their commercial value. The report addresses the industry's challenges in creating hit songs and suggests the need for a consensus on music quality and appreciation. TME aims to support artists and enhance music industry growth through these insights.

Tencent Music Entertainment Group (TME) reported its Q3 2022 financial results, showing a net profit of RMB1.09 billion (US$154 million), a 38.7% year-over-year increase. Total revenues decreased by 5.6% to RMB7.37 billion (US$1.04 billion), while online music revenues rose by 18.8% to RMB3.43 billion (US$482 million), driven by a 19.8% increase in paying users to 85.3 million. Despite challenges, TME repurchased $860 million of its stock, reflecting confidence in its future. The company continues to innovate and expand user interaction through new features and content partnerships.

Tencent Music Entertainment Group (TME) will release its unaudited financial results for Q3 2022 on November 15, 2022, before U.S. markets open. A conference call for discussing the results will follow at 6:00 A.M. ET. Investors can access the call using specified toll-free numbers. The results will likely reflect TME's performance in China's competitive online music sector, where it operates popular platforms such as QQ Music and Kuwo Music. The Company emphasizes its mission of utilizing technology to enhance music experiences.

Tencent Music Entertainment Group (TME) successfully listed its Class A shares on the Main Board of The Stock Exchange of Hong Kong on September 21, 2022. The shares, traded under the stock code '1698', are fully fungible with TME's American Depositary Shares on the NYSE. Executive Chairman Cussion Pang expressed gratitude to users, employees, partners, and investors. TME aims to enhance the role of music in lives and continue its growth in China’s digital music industry.

Tencent Music Entertainment Group (TME) announced the resignation of board member Liang Tang, effective immediately. Ms. Jeanette Kim Yum Chan has been appointed as an independent director, while Ms. Edith Manling Ngan joins the compensation committee. Tang, who served on the board for eight years, will continue as an honorary advisor. The company expressed gratitude for Tang's contributions and is optimistic about Chan's expertise in corporate law, which could enhance TME's strategic direction amidst the evolving Chinese music industry.